Gold rose to around $3,550 per ounce on Friday, near record levels and on track for a weekly gain of over 3%, supported by expectations of lower US interest rates and safe-haven demand. A drop in job openings, higher-than-expected layoffs, and initial jobless claims reaching a two-month high have led markets to largely price in a September rate cut.
Traders are now betting on up to three cuts this year, which would benefit gold, as lower interest rates reduce the opportunity cost of holding non-yielding assets. Investors are now awaiting the US nonfarm payrolls report for a broader view of the labor market conditions.
Meanwhile, geopolitical tensions, economic uncertainty—including President Trump's actions regarding the Fed, which have raised concerns about its independence—and global trade risks are boosting demand for safe-haven assets.
Stephen Miran is set to join the FOMC, and potential candidates for next year's Chair have expressed dovish positions aligned with Trump's outlook.
Source: Trading Economics
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